Section 36A in Kerala Cooperative Societies Act, 1969
36A. [ Charge on movable or immovable property of borrower by creating Gehan. [Inserted by Kerala Act No. 16 of 2004.]
- Notwithstanding anything contained in any other provisions of this Act, charge on movable or immovable property of a borrower in favour of the State C-operative Bank or a District Co-operative Bank or a Primary Agricultural Credit Society or a Primary Housing Society [or an Urban Co-operative Bank or any Primary Co-operative Societies dealing with credit activities] may be created by Gehan in respect of which the provisions of sections 10 to 15 (both inclusive) of the Kerala State Co-operative Agricultural and Rural Development Banks Act, 1984 (20 of 1984), as amended from time to time, shall apply with the modification of substituting the words "State Co-operative Bank or District Cooperative Banks [or an Urban Co-operative Bank or any Primary Cooperative Societies dealing with credit activities] [Inserted by Kerala Act No. 7 of 2010.]", "Primary Agricultural Credit Society or Primary Housing Society", "Society" and "said Bank or Society", respectively, for the words "Agricultural and Rural Development Bank", "primary bank", "bank" and "said banks" occurring in the said sections.Explanation. - For the purposes of this section, Gehan means a special charge on movable or immovable property, in favour of the State Co-operative Bank or a District Co-operative Bank or a Primary Agricultural Credit Society [or an Urban Co-operative Bank or any Primary Co-operative Societies dealing with credit activities] [Inserted by Kerala Act No. 7 of 2010.] or a Primary Housing Society by a mere declaration in writing by the borrower, for securing the payment of money advanced or to be advanced by way of loan, which will have all the characteristics of a valid mortgage.]
